Four Reasons Why You Should Discuss Patient Financing Upfront
For most practitioners, patient financing is never a topic high on the list to focus on. You’d much rather stick to wellness, and how to provide the best care for your patients. However, as out-of-pocket costs continue to rise, it’s something that’s on their minds, and better to be discussed sooner versus later. Today we discuss four reasons why patient financing is something to handle upfront, rather than post-care.
Capture more patients/procedures.
We’ll start with the most obvious reason – conversion. While we know you likely don’t think of your practice and patient base in these terms, from a business perspective you rely on converting patients and patient procedures. When patients elect not to move forward with a procedure, that’s tangible revenue and opportunity lost. Having the financing conversation upfront, and offering options like our Curae solution can increase conversion, resulting in real dollars for your practice.
Create a better customer experience.
A good user experience in just about any other industry is often defined by predicting a customer’s need before they realize they even have it. It’s what has made iconic products like the iPhone so successful in the “experience economy” we’re in now; who knew we wanted so much computing power in our phones until it was readily available? At the early stages of the patient cycle, many patients may not be thinking about financing, but addressing it prior to becoming a tension can have a significant benefit.
Building the relationship.
Building off the customer experience point above, today’s consumers are looking for providers who approach their needs more holistically, versus simply filling a single one. It’s a byproduct of patients picking up a greater portion of the tab – higher expectations of what they get in return. Offering financing options shows your patients that you’re looking out for not only their health and well-being from a medical perspective but beyond as well.
Operational efficiencies gained.
If the aforementioned reasons haven’t already swayed you, here’s a final one – offering patient financing (and other technology-driven processes) upfront can create operational efficiencies down the line. In a recent survey, 85% of healthcare providers report that collecting patient responsibility post-visit is problematic. Chasing down payments can be time-intensive and distracting for personnel that could be focused on other, more productive tasks.
Looking for better payment and funding options for your patients? Curae™ by Aquina Health can help. A simple solution to high patient expenses, Curae™ can provide up to 100% of patient cost responsibility within 48 hours, eliminating the need for billing, processing, or collection from your practice. Learn more today about how to get started.